Goldman Sachs Strikes Bearish Note Amid Bitcoin’s Price Highs

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Wall Street banking big Goldman Sachs warned its purchasers that the bitcoin market could also be headed for bearish territory.

In a latest shopper observe, revealed by finance weblog Zero Hedge, chief technician Sheba Jafari, supplied his view on the digital currency. It’s a uncommon second for Goldman, which does not often cowl developments round bitcoin or cryptocurrencies.

In a latest market shade report on June 12, the banking big steered its investor purchasers to be cautious a couple of near-term excessive bitcoin worth of $three,134. Further, Jafari steered that purchasers take into account the market bullish once more when the worth falls to between $2,330 and $1,915.

Jafari wrote:

“It’s on track to forming a bearish key day reversal if today’s (June 12) close settles below 2,749. It will also form a key week version if Friday’s close is below 2,475. Both daily/weekly oscillators are diverging negatively. All of this to say that the balance of signals are looking broadly heavy.”

The observe comes amid record-breaking highs for bitcoin, which briefly surpassed the $3,000 mark this week, in addition to cryptocurrencies like ether, which touched $400 final weekend.

According to CoinDesk’s Bitcoin Price Index (BPI), the cryptocurrency reached an all-time excessive of $three,018.55 on June 11, solely to fall to a latest low of $2571.32 on June 12 at 18:00 UTC.

Image Credit: 360b / Shutterstock.com

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